Stablecoins Now At $187 Billion, UST And USDN Volume On The Rise
15 Marzo 2022 - 2:32PM
NEWSBTC
There has been fast growth in the stablecoin economy, with a recent
total of $187 billion, which is quite near the $200 billion
thresholds. Stablecoins like Terra’s UST and Neutrino Protocol’s
USDN are gaining popularity even as Tether remains the most widely
used. They experienced a nearly 30% and a 44% rise in issuance in
the previous month, respectively. In other words, if this trend
continues, it will easily surpass $200 billion in the following
months. Stablecoins Strong USD Backing Compared to other digital
currencies, stablecoins are designed to be precisely that: stable.
Some coins are tied to the US dollar, implying that each one is
fully backed by a dollar’s worth of cash, Treasury securities, or
other secure assets and may thus be redeemed at will. A tenth of
all digital assets, including cryptocurrencies, are represented by
these tokens. UST total market cap at $14.68 billion on the daily
chart | Source: TradingView.com Related Article | Apple Co-Founder
Steve Wozniak ‘Feels’ Bitcoin Will Be Worth $100,000 Tether At $80
Billion The largest stablecoin by market value, Tether has had its
supply rise by 2% in the previous month and now stands at over $80
billion. The stablecoin market is dominated by USDT, with a 43.78%
share. Furthermore, it is the third-largest cryptocurrency, behind
Bitcoin and Ethereum, in terms of market valuation. Following
Tether, we have USDC or the USD coin, which has a market
capitalization of $52.5 billion, making it a significant part of
the total market. Tether accounts for 28% of the stablecoin economy
and is the fifth-largest cryptocurrency after Binance Coin (BNB),
which is ranked fourth. Stablecoins Advancing Investors have great
expectations for Terra’s UST, one of the fastest-growing
stablecoins, and the Luna and UST projects as well. Market
capitalization is currently $14.7 billion, up nearly 30% in the
previous month. USDC frequently trades with Tether, accounting for
65% of Monday’s tether swaps. Tether is followed by BUSD, USD, EUR,
and WETH as the top pairs trading with USDC. Related Article |
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While USDT and USDC saw no significant increases in the last month,
UST, FRAX, and USDN were up in their 30-day issuance rates. Terra’s
UST increased by nearly 30%, and the stablecoin now has a market
capitalization of approximately $15 billion. More Room For Growth
Last month, FRAX, the first fractional-algorithmic stablecoin
protocol, saw its 30-day issuance rate increase by 9.5%, and
Neutrino Protocol’s USDN climbed by 44%. Stablecoins Facilitate
Faster Trading Meanwhile, Stablecoins Like UST and USDN is
primarily used today to facilitate trading other, more volatile
digital assets, such as Bitcoin. However, companies around the
world are working to develop stablecoins that businesses and
households can use to conduct transactions, which could help make
the payment system faster, more resilient, and more inclusive.
Featured image from Bitcoin News, chart from TradingView.com
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